Amagi Metals is a precious metals dealer operating online. They sell different types of metals including silver, gold, platinum, and base metals including copper. They also have collectibles and other accessories available like novelty items. Their main claim to fame is that their goal is to help people become better investors, but does this policy actually hold up based on their actions?
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Information About Amagi Metals
This company uses their online marketplace to sell precious metals internationally throughout the world. You can fill up a card online and check out and purchase metals very easily. They also have offices in the US in Texas, Nevada, and Oklahoma.
Their big claim to fame is that they protect the privacy of their customers. They claim they will never sell data to third parties unless the law requires it, which is a weird thing to say because that shouldn’t happen. They also take security measures including audits and updates of their e-commerce platform and website.
To keep your info secure, they discreetly package your products in ways to protect your personal identity during shipping. They also provide shipping insurance in case the package was to get lost or stolen.
This is nothing special though. All companies keep their packages safe and protected and discreetly shipped, so they don’t get any extra points for that.
Simplicity is also another goal of Amagi Metals. They make it easy for a beginner investor to get started by not using difficult technology. Plus, they claim they do not have hidden fees or difficult return policies.
They use customer service as a strong selling point. Supposedly each customer service rep will help customers get started by tailoring investments to meet their needs. Truthfully, after reading many reviews about this company, they do not seem to live up to this claim since many people are angry for this very reason.
Is Amagi Metals Considered a Scam Company?
I cannot say for certain that this company is a scam, so it’s likely a legit business. Regardless, finding proof online that they’re a scam is very difficult. Although, the company has a lot of red flags to be worried about.
First off, the company isn’t BBB accredited. If the Better Business Bureau cannot find enough information about a company, they will not give them a rating. This tells us that there is hardly any information available about this company’s customer service, management, and policies.
Another thing to worry about is the lack of complaints or reviews with the Better Business Bureau. I did manage to uncover some reviews on Yelp, but they only have an average of 3 out of 5 stars ratings, and positive reviews are scarce going back to 2016. But more recently, they’ve definitely received their share of negative reviews.
On yelp, it claims that Amagi Metals is closed and no longer in business. But if you check out their website, they still do have a presence on the web, so this seems a bit puzzling to say the least.
Although, it’s not really puzzling because the company was sold a few years back to Anthem Vault. This company reopened the website and started operating once again, like nothing had ever actually happened.
Unfortunately, it doesn’t seem like transparency or customer service has changed, which is also a negative in a major red flag.
When the company closed down, they continued taking money from customers which is a major no-no because they did not deliver the products. The Atty. Gen. office received a filed complaint and one of the negative reviewers said they were scammed by the company owner.
Anthem recognizes that something went severely wrong and claimed they would fix the problems with past clients. And they are even distancing themselves from the previous owner who has accusations made against them saying he committed criminal activities.
Even with all of the negative press, the company continues to get many of the same complaints, which is crazy and another major red flag.
Complaints from Their Customers
Poor customer service is one of the major issues of concern on Yelp. One of their previous customers claims that he had a really bad experience doing business with Amagi Metals. He paid for his purchase using Bitcoin right after the order was placed. Even though his payment went through, the company never shipped the order for several weeks.
After waiting three weeks, the company didn’t provide the customer with a shipping date. He wanted to cancel his order and re-receive the cryptocurrency. They claim that they couldn’t cancel it. Eventually they did ship the order but it took about a month for him to finally get it.
They still have had many other problems. And even with this order that we were talking about, the customer received his silver bars in Ziploc bags, which is not good. They are supposed to come in airtight containers. The silver bars were scratched and damaged to the extreme. The customer had previous experiences with other dealers and they sent high quality precious metals and professionally sealed cases.
Another customer paid for his precious metals and two months had passed and he still hasn’t received the notification for shipping.
Another customer warned many people to be wary of this organization because they commit suspicious behavior and their customer service is severely lacking. The first order he bought had said a few minor issues, but he was able to straighten it out. All of a sudden, the company disconnected their phone number and wouldn’t reply to emails any longer.
This customer says you should stay far away from this company because it’s a bad idea to do business with them. They will ignore you, screw you over, and totally take advantage of you.
The next customer said that he was also waiting for two months to receive precious metals that were never delivered. The customer was extremely upset as you can imagine and felt like these scam owners should go to jail.
The business owner eventually responded to this most recent review. He claimed that it was a new company under new management and they weren’t affiliated with the previous business owner. So, Anthem Vault is distancing themselves from the previous owners of Amagi Metals.
The next customer had a really negative review that had lots of unwelcome things to say about the company management. They said that once the company changed hands, they started receiving lots of spam emails from the new owners. The new owners were begging previous customers to come back and claimed that they would act better than the previous management.
The first thing the customer noticed was that the new company was charging higher prices than their competitors. This happens with precious metals companies from time to time and other companies do it as well. But mostly these companies are willing to ship these products for free when they charge a higher price. The new owners were not willing to offer free shipping.
As you can imagine, this customer wasn’t very happy or impressed with the new management at Amagi Metals. They felt like the new company was heading down the exact same path as the previous one, which is a major red flag.
All in all, Anthem Vault seems to be doing the exact same thing as the previous owners. So, you should probably avoid doing business with this company altogether.
Amagi Metals Pros
- Decent selection of platinum, silver, and gold precious metals
- Also sells collectibles, accessories, and base metal copper
Amagi Metals Cons
- The company has tons of negative reviews online and many even accuse them of fraud
- The company merged with another business, recognized the poor customer service problems, but never actually took the time to fix them
- The company seems to be an active at the moment, although the website is still open and still accepting people’s money, which is really bad
Bottom Line
Even with all the negative information shared on the web, we cannot definitively say that Amagi Metals is a scam. But we do know that this company recently changed hands because of poor management and they still seem to be under poor management to this day. Their products are low-quality, their policies are confusing, and they have more negative reviews than many other precious metals companies online.
At the end of the day, it’s impossible to recommend Amagi Metals to our readers. Instead, you should find a precious metals dealer with an excellent reputation and positive customer feedback.
About Tim Schmidt
Tim Schmidt is an Entrepreneur who has covered retirement investing since 2012. He's also a published author, and his views on investing have been featured in USA Today, Tech Times, The Huffington Post, Nasdaq, and many more.
